Which of the following statements about scarcity is true?
A) Scarcity is not a problem for the wealthy.
B) Scarcity is only a problem when a country has too large a population.
C) Scarcity refers to the situation in which unlimited wants exceed limited resources.
D) Scarcity only arises when there is a wide disparity in income distribution.
C
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The nominal interest rate in Autarkia has risen sharply after a change in a government policy. How will this affect the economy if the wages in the country are downwardly rigid?
What will be an ideal response?
The Consumer Price Index (CPI) measures
A) the prices of a few consumer goods and services. B) the prices of those consumer goods and services that increased in price. C) the average of the prices paid by urban consumers for a fixed market basket of goods and services. D) consumer confidence in the economy. E) the average of the costs paid by businesses to produce a fixed market basket of consumer goods and services.